Tips For Finding The Best Home Loan Interest Rates In India
Many people want to apply for a Home Loan to buy their dream home. But don’t have much idea about finding the right lenders offering the best Home Loan interest rates. Look no further, read on and find relevant information about this now!
Buying your dream home is no painless task. From finding a good home location to legalities to financing and much more, you need to consider a lot of things.
If you are ready to buy your home but unable to get help related to home finance, you may also be looking to find lenders that will offer you best Home Loan interest rates.
Let’s dish out some tips to help you find the right Home Loan interest rates creditor.
1) Check the Housing loan rate of interest
Unlike personal loans that are unsecure with a high rate of interest, Home Loans are secure ones and their interest rates are not very high if you compare to unsecure loans. It is the RBI that sets the base rate for Home Loans; creditors still provide loans at a higher rate. Thus, you should completely analyze the interest rates available before making a final decision.
If you are considering a Home Loan with a low interest rate, there are many lenders available in the market today. Try to go for non-banking lenders because they have various attractive offers to make matching you needs and requirements.
2) Avoid Creditors Charging Prepayment Fees
There are times when you have extra funds at your end which you want to use to close your Home Loan before its tenure. But, there are lenders who may charge some amount in the form of penalties and fees. You need to know about it before you apply for a loan because this amount may be exorbitant at times which may derail your future saving prospects.
But, there are many lenders available these days that offers this facility at no extra cost. They not only provide with the best housing loan interest rate but even charge nothing if you have to foreclose the Home Loan.
3) Keep Away from Lenders with strict Repayment Schedules
Loan tenure is a lengthy period and it is not always possible to pay EMIs on time when you have a Home Loan. Because of this lengthy repayment period, at times, you may miss paying the EMIs and then your lender may charge you a hefty penalty. Try to avoid these types of strict lenders because there are many creditors who offer around 3-months grace period when you miss the EMI payments.
This facility provides you with a leeway to get your financial cash flows back on the track before you are ready to start making payments yet again.
You should be aware of the fact that finance is something that is not always consistent at your end or to anyone and there may be some issues while handling it especially if you have a loan to repay.
That’s why you should be double sure to rely only on such a creditor who gives you a 3-months grace period in case you miss paying the scheduled EMIs.
The Bonus Point – Never Rule out the inconvenience Factor
Always know that it is not that difficult to secure a Home Loan, provided you have all the essential qualifications and documents to support your case.
Make it a point to not meet a lender face to face or in person to get your loan; right from the loan application, approval and sanctioning and everything else takes place over the internet.
But, finding a reliable creditor for your housing loan offering a good housing loan interest may be a bit difficult if you are venturing out in the open to get a Home Loan for the first time.
Look for such lenders who approve your Home Loan application and credits money in your account in lesser number of days. Consider only such service providers who let you access your all Home Loan related information on the go whenever you want to have a look at any information related to repayment schedule, interest certificates and so on.
The Bottom Line
Now that you have enough information on how to select lenders offering affordable interest rates, consider one of these types of creditors today online and achieve your goal of buying your own home.